Monday, January 30, 2023

Transferred Money To The Wrong Account? Here’s How To Get Your Money Back

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A big concern for many of us who have transferred money into someone else’s account out of our bank account is, “what if by some sheer misfortune, I have transferred the money to the wrong account?” What if I have sent money to the wrong bank account, can it be recovered, if yes, how?
The Reserve Bank of India (RBI) states that the responsibility to ensure that all details, such as the beneficiary account number, beneficiary name, and IFSC code, are correctly entered lies on the remitter. However, you can make an error due to several reasons, like impatience, incorrect information shared by the receiver, mistakes in typing, not verifying the details before the transfer, etc. In case you make a mistake, there is no need to panic yet. There are ways to retrieve your funds as per RBI guidelines on the wrong NEFT transfer.
Do this work immediately in case of a wrong transaction
Firstly, you must notify the bank of the incorrect transaction as soon as possible. When giving the bank information related to the transaction, you will have to say that the money was deposited into the wrong account. If the account holder’s name is also the same in the account in which the transfer has taken place by mistake, in whose account you were about to transfer the money, then you will have to give proof of this. Report the entire incident to the bank through a single email and maintain a history of the entire process.
In this way, the money will be returned to the bank
The bank will act as a facilitator in this entire matter and can give you the details of the branch name and contact number of the account in which the money has gone. If the account to which you have sent the money is also a customer of the same bank you belong to, then the bank will contact the beneficiary on your behalf and request for the money to be sent back. If the beneficiary agrees, the money will be returned to your account within 7 working days. If the beneficiary belongs to any other branch, then you will have to go to that branch and talk to the bank manager for a solution.
In case the Wrong Beneficiary Refuses to Return the Amount
It is not possible to get the money back without the consent of the wrong beneficiary. The process is somewhat difficult, but he/she has to accept that there was a wrong transaction made to his/her account. Then you need to get in touch with your bank and communicate the subject in detail. You may also be required to provide your ID, address and other information requested by the bank.
The person might refuse to return your money. In such a case, you may take legal action. A case can be filed against him. However, in the case of a non-refund of money, this right is considered a violation of the Reserve Bank rules. Though, the situation becomes more complicated if your bank and the beneficiary’s bank are different.
The situation can get complicated and recovery would not be possible if the beneficiary refuses approval.
Sending money to the wrong account by mistake is something that can happen as diligently as we can. However, being careful to check the account details and not rushing things can help you avoid this mistake and the hassles it brings.

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